Loansurance® Group Insurance Plan SP (UIN: 135N041V01)
As a respected financial lender, you have earned the reputation of providing value
driven offerings -be it financing for higher education, expanding a business enterprise,
buying a home or any other personal or professional aspirations. A step forward
in strengthening this trustworthy relationship is to help them insure their loan
liability. This will ensure that the borrower’s family is not burdened with any
outstanding debt in case of an eventuality.
IDBI Federal Loansurance® Group Insurance Plan SP (UIN: 135N041V01), hereafter
referred to as Loansurance® Group SP, is a single premium, pure risk group plan
that enables you to secure your borrowers’ loans in the event of an unfortunate
eventuality. Loansurance® Group SP comes with features like moratorium period, joint
life cover and proportionate cover, which allows the plan to be customised to specific
Loansurance® Group SP, thus, extends benefits to you as well as your valuable customers.
Eligibility criteria for group member:
Education loan: 15 years
Other loans: 18 years
Cover ceasing age
30 years (including moratorium period, if any)
Premium payment term
- One-time payment
Pay once and enjoy the insurance cover throughout the loan tenure
- Affordable premiums to secure your loan
Protect your family and secure your loan in a cost-effective way.
- Policy term that matches the loan tenure
Opt for any term between 2 years and 30 years as per your loan tenure.
- Pre-closure of loan or transfer of the loan to another institution
In case a member repays entire outstanding loan amount before the end of the cover
term or transfer the loan to any other lending institution before the end of the
cover term he can choose either of the following:
- Continue with the policy till the end of the cover term
- Surrender the member policy and avail surrender benefit, if
Loansurance® Group SP provides cover to persons directly liable for loan repayment
(partners, in case of a partnership), as per the benefit schedule. There are two
cover options available:
A master policy is issued to the master policyholder who avails of Loansurance®
Group SP. A master policyholder may be a bank, a financial institution or a lending
institution. Each credit group member insured under this plan is covered under a
master policy and issued an individual certificate of insurance.
There are 2 kinds of life cover available under this plan:
- Option to choose type of cover
- Level cover option: The death benefit remains constant throughout
the term and is equal to initial sum assured. Thus, even if the liability declines
over time, the cover remains constant throughout the cover term.
- Reducing cover option: In the event of death during the cover
term, the benefit paid is equal to the amount as per the benefit schedule.
- Cover for more than 1 life -
- Single Life: Loansurance® Group SP offers an option of covering
- Joint Cover: Each of the joint borrowers is insured for 100%
of the death benefit. In case of death of either of the joint borrowers, the Death
Benefit is paid out. The death benefit for the other life ceases.
- Proportionate cover: Under this option, the minimum number of
co-borrowers allowed is 2 and the maximum is 5. Each co-borrower is insured in proportion
to his/her individual share of the loan. In case of the death of a co-insured member,
the death benefit as per his/her share of the cover is paid and the surviving co-insured
members will continue to be covered for the remaining term.
Insurance is the subject matter of the solicitation. IDBI Federal Loansurance® Group
Insurance Plan SP is a non-linked non participating group insurance plan. Product
UIN: 135N041V01. This product is underwritten by IDBI Federal Life Insurance Company
Limited (Regn. No 135; Corporate Identity Number (CIN) - U66010MH2007PLC167164)
having its registered office at 22nd Floor, A Wing, Marathon Futurex, N. M. Joshi Marg, Lower Parel (East), Mumbai 400013, India.
www.idbifederal.com TradeLogo displayed above belongs to IDBI Bank Limited,
The Federal Bank Limited and Ageas International Insurance N. V. and used by IDBI
Federal Life Insurance Company Limited under license from respective partners. For
more details on risk factors, terms and conditions, please read the sales brochure
carefully before concluding a sale. Tax benefits are as per the Income Tax Act,
1961 and are subject to changes in the tax law from time to time. Toll free number
1800 209 0502.
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of insurance or financial products nor invest premiums.
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requested to lodge a police complaint along with details of phone call, number.
- Visit your nearest branch
- Call us on 1800 209 0502
- SMS ‘LOAN’ to 5757515 and we will call you back. SMS charges as applicable